Question # 1

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

The revenue profit should be transferred to:

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Balance sheet

Trading account

Profit and loss account

None of these

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Net profit is always

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Equal to gross profit

more than gross profit

Less than gross profit

None of these

The Legal tenor of a bill is

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Sixty Days

One Month

Eighty Days

Ninety Days

A receipt is revenue in nature, if it relates to:

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Balance sheet

The receipt of accounting year

Small amount

Routine activity of the business

Unearned income are known as:

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Incomes

Expenses

Liabilities

Assets

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

The concession given by the supplier to the buyer on purchases of good is known as:

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Sales discount

Trade discount

Purchase discount

Discount received

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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Commission account

Consignee's personal account

Consignement account

None of these

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

The credit balance of retiring partner capital account if not paid in cash should be tranferred to.

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Retiring partners loan account

Retiring partners capital account

Old partner capital account

None of these

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

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